THE SUCCESSIVE STEPS IN THE GROWTH OF MONEY TRACED

FROM THE DAYS OF BARTER TO THE INTRODUCTION OF
THE MODERN CLEARING-HOUSE, AND MONETARY

PRINCIPLES EXAMINED IN THEIR RELATION

TO PAST AND PRESENT LEGISLATION

Individuality is left out of their scheme of government.
The State is all in all.-Burke.

COPYRIGHT, 1894

BY

WILLIAM BROUGH

Entered at Stationers' Hall, London
BY G. P. PUTNAM'S SONS

The Knickerbocker Press, New Rochelle, M. Y.

What is meant by the "natural law of money "-The need
of a medium of exchange-Barter the first method of ex-
change-Profit a stimulus to trade-Money as a measure of
values-Various forms of money-Qualities requisite to an
efficient money-On the coinage of metals-" King's money'
-Monetary struggles between kings and their subjects.

CHAPTER II.

. 20-57

Silver and gold as an equivalent tender-The Gresham law
-Mutilation of the coinage in England-Why cheap money
expels money of higher value from the circulation-Influ-
ence of Jew money-changers in raising the monetary stand-
ard-Clipping and sweating-Severe punishment of these
offences-Value of the guinea-Mono-metallism succeeds
bi-metallism-The mandatory theory of money-The law of
natural displacement-A government's legitimate service in
regard to money-Monetary principles applied to bi-metal-
lism-Effects of the demonetization of silver in 1873-The
Latin Union-Effect of legislative interference with money
-The per-capita plan-The Bland Act-The Sherman Act
-Present difference in value between a gold and a silver
dollar-Effects of a change to the silver standard-No
levelling of fortunes, but an increased disparity.